Tuesday, September 08, 2009
Gold Rallies to 18-Month High on Dollar’s Weakness, Inflation
Gold rose to the highest price since March 2008, passing $1,000 an ounce, while silver climbed to a 13-month high as a weaker dollar and concern that inflation may accelerate boosted the appeal of precious metals.
Bullion for immediate delivery surged to $1,007.70 in London, taking this year’s increase to 14 percent. Gold, which reached a record $1,032.70 in March 2008, is set for a ninth yearly gain. Crude-oil futures and all six industrial metals on the London Metal Exchange rallied as the Dollar Index lost as much as 1.1 percent to more than an 11-month low. Raw materials typically move inversely to the U.S. currency...
Bloomberg: Gold Rallies to 18-Month High on Dollar’s Weakness, Inflation
Bullion for immediate delivery surged to $1,007.70 in London, taking this year’s increase to 14 percent. Gold, which reached a record $1,032.70 in March 2008, is set for a ninth yearly gain. Crude-oil futures and all six industrial metals on the London Metal Exchange rallied as the Dollar Index lost as much as 1.1 percent to more than an 11-month low. Raw materials typically move inversely to the U.S. currency...
Bloomberg: Gold Rallies to 18-Month High on Dollar’s Weakness, Inflation
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